Metamax fraud victims hospitalised after psychological abuse, manipulation

Two Greek nationals have come forward as victims of the Metamax pyramid scheme, currently under investigation by Cypriot authorities.

The men, who requested anonymity fearing for their safety, allege they were defrauded by Cypriot representatives of Metamax and subsequently hospitalised in Athens due to the psychological impact.

As the 50-year-old H.G. revealed, in November 2023, he was approached by a friend in Cyprus, who introduced him to Metamax and told him that it was a legitimate company which offered the potential to make significant income.

After being convinced to register on the Metamax platform, he began, as he said, to make the first profits, while having frequent conversations with individuals who guided him.

The Greek victims claim they were pressured into purchasing higher-value investment packages and recruiting new members, as they would receive large bonuses and high returns.

H.G. noted that the Cypriot main suspect in the case was presented as the leader of Metamax who would soon become the director of European operations, with the company also planning to open offices in Cyprus. “There was a climate of fear. You couldn’t question anything. If someone asked whether Metamax would shut down, they denied it, while they blackmailed anyone who did not follow the group and their instructions, threatening that they would have their account closed.”

Philenews obtained excerpts from alleged Metamax group chats, where administrators threatened to close accounts of those questioning the platform’s sustainability.

“The company is mine. Whoever believes that it will shut down should apply to get their money back,” a message by the purported Metamax leader reads.

The victims also allege a woman named Jeanie, seemingly from Canada, presented as a manager of Metamax, used a forceful tone to discourage doubts about the company’s legitimacy.

“She spoke to us in a way that didn’t leave room for questioning the company. If you couldn’t attend the Zoom meeting at the scheduled time, they threatened to take away your password,” one of the victims said.

They add that although they initially saw some returns, they were unable to withdraw their remaining funds when the platform ceased operations. Just before the big crash, one of the complainants says, he had $15,000 in his account, but could not transfer them from the Metamax wallet to his bank.

The two victims are now cooperating with authorities and hope to recover their losses.

The investigation by Interpol Athens reportedly predates the arrest of the suspect in Cyprus.

Cypriot authorities continue their investigation into Metamax and its operators. The full extent of the fraud and the number of victims remains under investigation.